HCL Technologies Rs 4,000 crore buyback offer to commence on September 18

PTI | Published: 11th September 2018 03:28 PM
HCL Technologies (File Photo | Reuters)

NEW DELHI:  IT services firm HCL Technologies Tuesday said its Rs 4,000 crore buyback offer will commence on September 18.

The company's shareholders had last month approved the buyback proposal.

The date for opening of the buyback has been set for September 18 and will close on October 3, HCL Technologies said in a BSE filing in accordance with the SEBI (Buy Back of Securities) Regulations, 1998, the Company has, on September 10, 2018, completed the dispatch of the letter of offer dated September 7, 2018 for the buyback to all the equity shareholders/ beneficial owners of the equity shares as on the record date being August 31, 2018," it added.

In July, HCL Technologies had announced the buyback programme for FY19 at Rs 1,100 per share.

The buyback offer -- for up to 3,63,63,636 fully paid up equity shares -- is part of HCL Technologies' strategy to return more than 50 per cent of its net income to its shareholders.

Tags : HCL Technologies

More from this section

Boeing setting up electronics, avionics facility in Bengaluru
NEEPCO’s Rs 300 crore bond issue goes undersubscribed
Currency circulation sees sluggish growth before festive season
Clock ticking, Yes Bank on hunt for new CEO face
‘Crude prices set to hit $100 a barrel by Jan’